Islamabad, Jan 5: Petroleum Exploration (Pvt) Ltd (PEL) has successfully acquired significant energy assets from the Kuwait Foreign Petroleum Exploration Company (KUFPEC), including oil and gas concessions in the regions of Dadu, Kirthar, Tajjal, and Qadirpur. The acquisition involves leases for Bhit and Qadirpur, which are among the country’s most energy-rich regions, further expanding PEL’s exploration portfolio and reinforcing its presence in Pakistan’s energy sector.
PEL’s CEO, Shahzad Zaheer, emphasized that this strategic move aligns with the company’s long-term objectives of exploring new energy sources, unlocking Pakistan’s untapped resources, and contributing to the nation’s energy security. The acquisition, Zaheer stated, comes at a crucial time for Pakistan’s energy sector, which is currently grappling with rising energy demands, high import costs, and insufficient domestic production.
By adding these high-potential assets to its portfolio, PEL aims to significantly boost the country’s energy production capacity, helping to alleviate the reliance on expensive energy imports such as Liquefied Natural Gas (LNG). The company expressed confidence that the acquired reserves would enhance its ability to meet Pakistan’s growing energy needs while supporting efforts to strengthen the domestic energy infrastructure.
PEL’s move underscores its commitment to driving forward Pakistan’s energy sector, and with these new assets, the company is poised to play a pivotal role in addressing the country’s energy challenges. The expanded reserves and production capacity are expected to contribute positively to the energy security of Pakistan in the coming years.
